EconoFiction, PhiloFiction

25 Theses at time (of capital)

23 Jan , 2020  

1) Economic quantities can be changed in time precisely because money, as a so-called transcendental signifier of capital, has the quality of a pure quantity, whereby money is released from current acts of exchange and thus, as a monetary sign, accounts for the time accumulated in the commodity, which in ...

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EconoFiction

Bichler/Nitzans “Capital of Power”

22 Jan , 2020  

At first glance, it seems that Deleuze’s concept of structure involves a complex form of the so-called creorder, a term that appears at the forefront of the methodological findings of the economists Bichler/Nitzan. (Cf. Bichler/Nitzan 2009) If the structure is updated in each of its moments in processes, then Bichler/Nitzan ...

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EconoFiction

Elie Ayaches and Suhail Malik’s heterodox concepts of finance: the frenzy of contingency

13 Jan , 2020  

The heterodox positions of Elie Ayache and Suhail Malik on contemporary finance are often perceived in the haze of accelerationism, although not widely discussed. Let us first turn to the prosition of Suhail Malik. For us, the contingent price movements of the underlying assets/underlyings and the likewise contingent derivative pricing ...

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Biopolitics

The football syndrome: speculative business

7 Jan , 2020  

1) Soccer, porn and pop are the cultural industries of today.

2) Clubs, players and coaches are now highly speculative financial investments. The Neymar deal with a redemption of 222 million raises world football to a new dimension. One rather does not want to imagine the number nor can one ...

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GenericScience

Remarks on “How Noise Matters to Finance”

4 Dez , 2019  

In his book How Noise Matters to Finance, which is well worth reading, Knouf points first and foremost to traditional ideas about the stock market, such as the control of the market by the famous invisible hand, the dreams of balance, transparency, explainable price movements and correct prices, All in ...

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EconoFiction, Mashines

Money Robots

16 Okt , 2019  

Money robots are actually nothing more than complex algorithms that analyze and process data and are also able to learn from feedback and results. Former MEP Martin Ehrenhauser has published an informative book on this subject. The book “Die Geldroboter”, published by ProMedia-Verlag, deals with the function and effectiveness of ...

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EconoFiction

Financial Capital Globalization as Capital Discipline and the Socialist Alternative

10 Okt , 2019  

John Milios National Technical University of Athens, john.milios@gmail.com

Dimitris P. Sotiropoulos The Open University Business School, UK, d.p.sotiropoulos@gmail.com

1. Globalization, financialization, crisis

The current financial crisis of capitalism is without precedent in the post-war period. Regarding the crisis, recent heterodox literature is dominated by a single and persistent argument. The ...

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EconoFiction

FX & Imperialism

8 Okt , 2019  

What affects the exchange rate of a country’s currency? The answer depends on where that country stands in the world economy. Not simply because an exchange rate is the value of one currency versus another, so that you must weigh up two or more countries. It is mainly because the ...

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EconoFiction

Derivatives are Speculative Capital

3 Okt , 2019  

In recent decades, an ever-increasing proportion of the profits of private banks has been generated by financial activities far beyond mere borrowing and lending of money. Commercial banks generate their profits through the endogenous creation of credit and through the trading of foreign exchange and, in particular, securities and derivatives. ...

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PhiloFiction

25 Thesis about Time

30 Sep , 2019  

1) Economic quantities can also be changed in time precisely because money, as a so-called transcendental signifier for capital, possesses the quality of a pure quantity, with which money is released from current barter exchanges and thus as a monetary sign the time accumulated in the commodity is settled, which ...

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EconoFiction

Finance and Reproduction of Capital

28 Sep , 2019  

Here we examine the ratio of financial capital (finance) to the reproduction of capital. In Section A, we clarify the concept of extended reproduction with particular reference to the concept of circulation. Section B deals mainly with the previously neglected relationship between finance and capitalist production. In a further section, ...

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EconoFiction

Class in the 21st century: Asset inflation and the new logic of inequality

16 Sep , 2019  

What becomes of class when residential property prices in major cities around the world accrue more income in a year than the average wage worker? This paper investigates the dynamic of combined wage disinflation and asset price inflation as a key to understanding the growth of inequality in recent decades. ...

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EconoFiction

Deleuze/Guattari and quantum finance

13 Sep , 2019  

Deleuze/Guattari invite us to apply at least three models of thought to the theoretical analysis of economics, by tracing the image of the current that, in their view, articulates each model. It is only the third, the molecular-performative model, that correctly stages the force of thought. (Laruelle contrasts the concept ...

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EconoFiction

Capital and Power in the 21st Century (Extract)

10 Sep , 2019  

The world economy is currently in a phase of secular stagnation with persistently low growth rates of the real gross domestic product.1 The litanies of boundless economic growth that the representatives of capital and the imperialist states repeatedly prayed to the populations after the Second World War have literally come ...

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EconoFiction

Speculative Capital in the 21th Century

4 Sep , 2019  

1) The derivative is not something you hold in your hands like a book. It is essentially relational, but rather, it is a relation of relations. First, it is about the volatility of the derivative in relation to the volatility of the underlying. The decisive factor in the replication of ...

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EconoFiction

Why even do political finance with Deleuze?

13 Aug , 2019  

Any heterodox project is compelled to begin by articulating a problem or set of problems it proposes to address (otherwise why heterodoxically begin at all?). When studying finance at our present moment, the particular problem to which we are alerted is a political economic problem whose particularity Deleuze as a ...

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EconoFiction

THE SPECULATIVE CAPITAL (3)

29 Jul , 2019  

Nothing exemplifies the constitution of the market and motivations today more than speculation. The drive to permanently generate this type of derivative bet, which has marked the Euro-American financial markets since the 1970s, would never have been able to circulate in these vast dimensions unless there was a specific derivative framework: ...

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EconoFiction

THE SPECULATIVE CAPITAL (2)

28 Jul , 2019  

LiPuma examines in a further section the various institutions of speculative capital. The first area is commercial and investment banks speculating on the derivatives markets. These companies have in-house hedge funds that speculate on corporate capital, that is, shareholder capital, using leveraged strategies to increase shareholder value. Other players include the independent hedge ...

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EconoFiction

THE SPECULATIVE CAPITAL (1)

26 Jul , 2019  

Here we present in three parts a preliminary report to the book The Speculative Capital , which contains the first comprehensive study of a new form of capital that dominates the economies of the 21st century. In this report, we often refer to LiPuma’s book The Social Life of Financial Derivatives: ...

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EconoFiction

THE AGE OF SPECULATIVE CAPITAL AND GLOBAL CIRCULATION FIGHTS

25 Jul , 2019  

Michel Feher claims in his new book, Rated Agency, that capitalized capitalism, which started in 1970, is akin to a Copernican revolution in that the new regime of capital accumulation no longer focuses on industrial companies based on vertical integration and internal growth, but on this regime both companies as ...

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EconoFiction

SPECULATIVE TIME, DEBT AND CLASS POLITICS

21 Jul , 2019  

Many of the catchy testimonies of critical sociologists, ranging from Richard Sennett to Elena Esposito, are that the future is always some distance from the present, protected from the here and now and not as an economic resource in the world Present in the markets should be traded. The ...

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EconoFiction

Human capital or toxic asset

24 Feb , 2019  

This is a sequence of reflections on affirmation and negation, on identification and severance: determinate negation as strategic affirmation, the identification of concrete universals and severance from a defunct relation. These lines will be explored with reference to the current situation of the waged and unwaged working class, most proximately ...

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